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Articles Tagged with unsuitability

New York Stockbroker is Named in Multiple Customer Disputes

If you suffered substantial losses from investments recommended to you by Spartan Capital Securities broker Joseph Kelly, you may have grounds for filing a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. 

Kelly, who is based in New York, is the subject of three pending customer complaints seeking damages. He has been with Spartan Capital Securities since 2017 and before that from 2013 to 2016. At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our New York securities fraud attorneys would be happy to offer you a free case assessment. Contact us at (716) 261-3529 today.

Investors May Have Been Subject to Unsuitable Recommendations & Misrepresentations

If you are a UBS customer whose broker persuaded you to invest in Noble Corporation, you likely have lost money. The offshore drilling company filed for Chapter 11 bankruptcy protection on July 31 in Houston, Texas. 

Noble Corp. took a huge financial hit this year as COVID-19 caused oil and gas prices to plunge in value, making oil wells below the sea too costly. However, the company’s financial woes did not stop UBS Financial Group from recommending Noble stock shares to investors all the way leading up to its bankruptcy filing.

Florida Pinnacle Investments Broker is Named in Two Pending Customer Disputes 

Paul Robert DiPietro, a broker with Pinnacle Investments in Boca Raton, has been named in at least 10 customer complaints over the 12 years. Two of these investor claims are recent and pending. 

In South Florida, our Boca Raton securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are speaking to current and former customers of Paul DiPietro throughout the United States who have suffered significant investment losses. 

Customer Files FINRA Arbitration Claim Against Ex-Berthel, Fischer & Co. Broker and the Firm 

Andrew Samuel Perri, the president of Pinnacle Wealth Management in Brighton, Michigan, and a former stockbroker has been named in a customer dispute, along with broker-dealer Berthel, Fischer, & Company Financial Services. 

In the Financial Industry Regulatory Authority (FINRA) arbitration case, brought in June, the claimant contends that Perri made negligent misrepresentations while selling investments that were unsuitable. The investor is accusing the brokerage firm of failing to properly supervise Perri and neglecting to conduct the proper due diligence.

Boca Raton Stockbroker Recently Named in Two FINRA Arbitration Complaints

Willard Louis Pugh, a National Asset Management financial adviser in Florida, is currently under scrutiny in the wake of customer allegations alleging unsuitable investment recommendations. Pugh, who has been in the securities industry for 32 years, is also a National Securities broker.  He was recently named in two customer disputes filed in Financial Industry Regulatory Authority (FINRA) arbitration.

The first investor claim, brought in June, seeks $300K in damages. Pugh’s BrokerCheck record doesn’t specify what type of investment is involved. The second customer case, filed in July, names the United Development Funding V real estate investment trust (UDF V REIT). The claimant is seeking $155K. 

Stockbroker Marshall Owen Isaacson Named in Four Customer Complaints Since 2019

The Financial Industry Regulatory Authority (FINRA) recently barred Marshall Owen Isaacson, an ex- Newbridge Securities stockbroker based out of Boca Raton, Florida. Isaacson is accused by customers of making unsuitable investment recommendations and committing broker negligence. With 35 years in the industry, the now ex-registered representative worked at 12 broker-dealers.

Our Florida securities fraud attorneys have been speaking to former customers of Marshall Isaacson who may have suffered significant losses. Contact our securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) online today. 

FINRA Suspends Waco, Texas Broker For 18 Months

Two investors have filed Financial Industry Regulatory Authority (FINRA) arbitration complaints against Michael Allen Kamperman, who was most recently a former HD Vest Investment Services registered representative. Both customers are accusing him of making unsuitable and excessive trades on their behalf. Kamperman, who is based out of Texas, was suspended by FINRA last year. 

Our Texas stockbroker fraud lawyers are currently investigating customer claims involving Michael Kamperman. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today.

Barish Earned Over $400K in Commissions from Excessive Trading Strategy

The US Securities and Exchange Commission (SEC) has filed civil charges against Ross Adam Barish, a Joseph Stone Capital registered representative. The regulator contends that Barish engaged in an unsuitable in-and-out trading strategy in customers’ accounts without doing the necessary due diligence to make sure that this approach could at least deliver them minimal profits. 

Instead, 16 retail investors collectively lost more than $800K while the Joseph Stone Capital broker earned more than $400K in commissions. Now, the SEC is seeking penalties, disgorgement with prejudgment interest, and injunctive relief.

Customers of Leach Claim They Suffered Six and Seven-Figure Losses 

Jeffrey Harold Leach, a Morgan Stanley broker and also of The Leach Group, which is based in Florida, has been accused by at least three investors of making unsuitable investment recommendations that cost them a significant amount of money. 

While one claim has already been settled by Morgan Stanley, two of the customer disputes, including one seeking $3M in damages, are still pending.

Another National Securities Broker Is Accused of Making Inappropriate Recommendations 

Frank Avallone, a National Securities broker since 2015,  is currently the subject of two pending customer complaints accusing him of making unsuitable investment recommendations that resulted in six-figure losses for each claimant. He is not the only registered representative from this firm accused of suitability issues.

Unsuitable investments are any recommendation that is inappropriate for the investor. Such a recommendation is contrary to a broker’s duty to only make investment recommendations that are appropriate for the customer as it pertains to their age, financial resources, investing experience, and risk tolerance level. 

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